Nasdaq and Citi Treasury and Trade Solutions have been exploring collaboration leveraging the block chain infrastructure since early 2016. Today they announced their development of a new integrated payment solution which enables straight-through payment processing and automatoin of the reconciliation process by using a distributed ledger to record and transmit payment instructions. A number of payment transactions have been concluded including with Citi’s automated processing of cross-border payments via a link between the CitiConnect® for Blockchain connectivity platform and the Linq Platform powered by the Nasdaq Financial Framework.

Using Chain block chain and Citi use of API technology

This solution integrates Chain’s use of blockchain technology and Citi’s use of API technology. This new platform and blockchain ecosystems provides real-time digital solution, e.g. Nasdaq Private Market division is able to streamline payment transactions between multiple parties, so improving liquidity in the private securities business.

Key benefits of this solution are:

a seamless end-to-end transactional process for private company securities

increased operational efficiency and ease of reconciliation with real-time visibility of payment transactional activity on the blockchain ledger.

IDEO CoLab founders

This solution leverages Nasdaq and Citi’s founding membership of the IDEO CoLab in June 2015 to explore emerging technologies such as blockchain. In September of that year, both Nasdaq and Citi Ventures invested in Chain’s series B funding round with other leading financial institutions.

CTMfile take: An important example of block chain enabling the integration of very diferent systems, but can block chain go main stream in large scale payments applications?